Financial Performance - Consolidated net income for Q1 2025 was $5.8 million, or $0.89 per diluted share, compared to $3.7 million, or $0.56 per diluted share in Q1 2024, reflecting a 56.8% year-over-year increase[2][5][6] - Net income for the quarter ended March 31, 2025, was $5.806 million, an increase of 57.0% from $3.698 million for the same period in 2024[32] - Basic net income per share for Q1 2025 was $0.90, down from $0.95 in Q4 2024[35] - Net income for Q1 2025 was $5,806,000, a decrease of 6.1% compared to $6,186,000 in Q4 2024[35] - Adjusted net income (non-GAAP) for Q1 2025 was $5,806 thousand, compared to $4,123 thousand in Q1 2024, reflecting a 40.8% increase[42] Asset and Deposit Growth - Total assets increased by $6.7 million to $2.0 billion as of March 31, 2025, with cash and interest-bearing deposits in other banks rising by $6.1 million[17] - Total assets at the end of Q1 2025 were $1,979,753,000, a slight increase from $1,973,022,000 in Q4 2024[36] - Total deposits increased to $1.623 billion at March 31, 2025, from $1.575 billion at December 31, 2024, representing a growth of 3.0%[33] - Total deposits increased to $1,623,574,000 in Q1 2025, up from $1,574,829,000 in Q4 2024[36] - Total deposits rose to $1,623,574 thousand, up 3.08% from $1,574,829 thousand in the previous quarter[37] Loan Production and Quality - Loan production included $36.1 million in commercial loan originations and $11.4 million in residential mortgage originations during Q1 2025[7][21][22] - The pipeline of commercial loans as of March 31, 2025, was $56.0 million, indicating potential future growth[21] - Non-accrual loans totaled $4.0 million at March 31, 2025, down from $4.9 million at December 31, 2024, indicating a decrease of 18.4%[27] - Nonperforming loans and 90-day past due loans totaled $4,259,000 in Q1 2025, down from $5,849,000 in Q4 2024[36] - The allowance for credit losses (ACL) was $18.5 million at March 31, 2025, compared to $18.0 million at March 31, 2024, and $18.2 million at December 31, 2024, with a ratio of ACL to loans outstanding at 1.25%[25] Interest Income and Margins - Net interest margin on a non-GAAP, fully tax equivalent basis was 3.56% for Q1 2025, driven by increased loan yields and stable funding costs[7] - The net interest income for the quarter ended March 31, 2025, was $16.016 million, up from $13.812 million in the same quarter of 2024, reflecting a growth of 15.9%[32] - Net interest income for Q1 2025 was $16,016 thousand, an increase of 8.7% compared to $13,812 thousand in Q1 2024[38] - The net interest spread improved to 2.89%, up from 2.29% in the same quarter last year, indicating enhanced profitability from interest-earning assets[44] Operating Expenses and Efficiency - Operating expenses increased by $0.5 million compared to the linked quarter, primarily due to a $0.9 million increase in salaries and employee benefits[15] - The efficiency ratio (non-GAAP) improved to 59.95% for the quarter ended March 31, 2025, compared to 65.71% for the same period in 2024[32] - The efficiency ratio (non-GAAP) improved to 59.95% in Q1 2025 from 61.31% in Q4 2024[35] Shareholder Value - The book value of common stock increased to $28.35 per share at March 31, 2025, up from $27.71 per share at December 31, 2024[24] - The closing market value of the stock was $30.02 at March 31, 2025, compared to $22.91 at March 31, 2024, reflecting an increase of 31.5%[32] - The closing market value decreased to $30.02 in Q1 2025 from $33.71 in Q4 2024[35] - Shareholders' equity increased to $183,463 thousand from $163,944 thousand, representing an increase of 11.8%[44] Tax and Regulatory Metrics - The effective income tax rate for Q1 2025 was 24.6%, compared to 23.9% in Q1 2024[16] - Tier 1 capital ratio was 14.87% at the end of Q1 2025, up from 14.70% in Q4 2024[36] Other Financial Metrics - The return on average assets for the year-to-date period ended March 31, 2025, was 1.19%, up from 0.76% for the same period in 2024[32] - Return on average assets for Q1 2025 was 1.19%, an increase from 1.06% in Q4 2024[35] - Return on average assets improved to 1.19% in Q1 2025, up from 0.76% in Q1 2024[43] - Return on average equity increased to 12.83% in Q1 2025, compared to 9.07% in Q1 2024[43]
First United (FUNC) - 2025 Q1 - Quarterly Results